Deals
TNK-BP Billionaires Will Offer to Buy Half of BP’s Stake
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BP Plc’s billionaire partners plan to bid for half of the U.K. oil producer’s 50 percent holding in Russian venture TNK-BP, rather than buying the entire stake valued at $32 billion last year.
AAR, the group representing the billionaires, will notify the U.K. company of an intention to negotiate for the stake on about July 19, Mikhail Loskutov, a spokesman for the group, said today by e-mail. In June, the London-based company said it was considering exiting the venture after receiving proposals to buy its shareholding.